This article first appeared in The Edge Malaysia Weekly on August 11, 2025 - August 17, 2025
AFFIN Hwang Investment Bank Bhd (AHIB) is expected to name Hanif Ghulam Mohammed as its new CEO, according to industry sources.
AHIB is the investment banking arm of Affin Bank Bhd (KL:AFFIN), the country’s second-smallest of eight domestic banking groups.
Hanif is currently Affin Bank’s executive director of group treasury. He is to succeed Nurjesmi Mohd Nashir, who resigned from AHIB sometime in May and went on to join RHB Bank Bhd (KL:RHBBANK) as its head of wholesale banking operations on July 1.
“It looks like the bank has picked an internal candidate,” one of the sources says.
The previous two CEOs, namely Nurjesmi and Mona Suraya Kamaruddin, had joined AHIB from other banks.
Hanif is understood to have joined Affin Bank in December 2021 to take on his current role. He brings over 20 years of experience in the banking industry, largely with CIMB Group Holdings Bhd (KL:CIMB), where he last served as the regional head of Islamic treasury.
Hanif is well-regarded within banking circles. He is a member of Bank Negara Malaysia’s Financial Markets Committee and is the chairman of the Islamic Financial Markets Subcommittee.
Hanif’s impending move to AHIB comes at a time when Affin Bank is looking to grow its non-interest income more strongly.
Many are wondering if AHIB will be given the mandate for some Sarawak-related deals, given that the state government is the largest shareholder of Affin Bank.
Sarawak raised its shareholding in Affin Bank to 31.25% in late November last year, from 4.81% previously. Lembaga Tabung Angkatan Tentera (LTAT), or the Armed Forces Fund Board, the previous largest shareholder, now holds a 22.01% stake, while Hong Kong-based Bank of East Asia holds a 23.93% stake.
Affin Bank is widely known in the industry to be on the hunt for opportunities to acquire complementary or related businesses, and is also open to the possibility of a merger with rival lenders. These are potential deals in which AHIB could be involved in, sources say.
One of the recent initial public offerings that AHIB played a strong role in was that of Pan Merchant Bhd (KL:PMIBHD), which was listed on the ACE Market of Bursa Malaysia on June 26. AHIB was the principal adviser, sponsor, sole placement agent and underwriter for that deal.
Pan Merchant, Malaysia’s largest solid-liquid filtration company by revenue, raised RM67.55 million from the listing exercise.
AHIB reported a higher net profit of RM113.6 million for the financial year ended Dec 31, 2024 (FY2024) compared with RM69.46 million in the previous year. Its total assets declined to RM8.98 billion as at end-2024 from RM9.37 billion a year ago. Its assets then increased to RM9.28 billion as at end-March this year.
In 1QFY2025, its net profit grew slightly to RM15.18 million compared with RM14.71 million in the same period a year earlier.
Noting increasing macroeconomic headwinds globally, AHIB said it would adapt to the evolving conditions to support clients and sustain long-term value creation.
“We have built the foundation for a digital revolution to increase further our customer acquisition strategy. Our deal pipeline remains robust with many merger and acquisition opportunities from volatility in capital markets,” it said in the notes accompanying its financial statements.
As for Affin Bank, it reported a 12.6% year-on-year rise in net profit to RM124.4 million in 1QFY2025, on higher net income and share of results from its associates. Net interest income increased by 6.4% to RM206.0 million, while non-interest income for the period was RM140.1 million, down 1.7% from the year before.
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